TORONTO, Feb. 6, 2019 /CNW/ - Firm Capital Property
Trust ("FCPT" or the "Trust") (TSXV: FCD.UN) is
pleased to announce the closing of the previously announced
acquisition of a 50% interest in seven retail properties located in
Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec with Crombie Real Estate Investment
Trust ("Crombie REIT") (the "Portfolio"). The
acquisition price for 100% of the Portfolio is approximately
$83.2 million, excluding transaction
costs. The Trust's portion of the acquisition price is
approximately $41.6 million. As a
result of the Portfolio acquisition, the Trust's current portfolio
has increased by approximately 20% to $263
million.
The Portfolio is comprised of seven properties totaling 296,376
square feet with six of the properties being anchored by Sobeys
owned grocery stores and one property being anchored with Shoppers
Drug Mart. The Portfolio is 100% occupied and has a Weighted
Average Lease Term ("WALT") of approximately 11.5 years. The
Trust and Crombie REIT have entered into a co-ownership arrangement
such that the Trust owns 50% and Crombie REIT owns 50% of the
Portfolio.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSXV: FCD.UN)
Firm
Capital Property Trust is focused on creating long-term value for
Unitholders, through capital preservation and disciplined investing
to achieve stable distributable income. In partnership with
management and industry leaders, The Trust's plan is to co-own a
diversified property portfolio of multi-residential, flex
industrial, net lease convenience retail, and core service provider
professional space. In addition to stand alone accretive
acquisitions, the Trust will make joint acquisitions with strong
financial partners and acquisitions of partial interests from
existing ownership groups, in a manner that provides liquidity to
those selling owners and professional management for those
remaining as partners. Firm Capital Realty Partners Inc., through a
structure focused on an alignment of interests with the Trust
sources, syndicates and property and asset manages investments on
behalf of the Trust.
For the complete financial statements, Management's Discussion
& Analysis and supplementary information, please visit
www.sedar.com or the Trust's website at www.firmcapital.com
FORWARD LOOKING INFORMATION
This press release may
contain forward-looking statements. In some cases, forward-looking
statements can be identified by the use of words such as "may",
"will", "should", "expect", "plan", "anticipate", "believe",
"estimate", "predict", "potential", "continue", and by discussions
of strategies that involve risks and uncertainties. The
forward-looking statements are based on certain key expectations
and assumptions made by the Trust. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and
various future events will not occur. Although management of the
Trust believes that the expectations reflected in the
forward-looking statements are reasonable, there can be no
assurance that future results, levels of activity, performance or
achievements will occur as anticipated. Neither the Trust nor any
other person assumes responsibility for the accuracy and
completeness of any forward-looking statements, and no one has any
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or such other
factors which affect this information, except as required by
law.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, which may be made only by means of
a prospectus, nor shall there be any sale of the Units in any
state, province or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under securities laws of any such state, province or
other jurisdiction. The Units of the Firm Capital Property Trust
have not been, and will not be registered under the U.S. Securities
Act of 1933, as amended, and may not be offered, sold or delivered
in the United States absent
registration or an application for exemption from the registration
requirements of U.S. securities laws.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. Additional information about the Trust is available at
www.firmcapital.com or www.sedar.com.
SOURCE Firm Capital Property Trust